306 PROCEEDINGS OF THE BOARD OF REGENTS 



After discussion as to the further increase of the permanent capital, 



On motion of Mr. Wallach, it was 



Resolved, That the Chancellor and Secretary be directed to dispose imme- 

 diately of the remaining United States 7-30 bonds, and the Indiana, Georgia, 

 and Washington bonds, now held by the Institution, and, if possible, from the 

 proceeds to place an additional hundred thousand dollars in the treasury of the 

 United States. 



Mr. Patterson requested further time for the committee on the future use of 

 the large hall in the main building of the Institution, which was granted. 



General Delafield presented the following report from the special committee : 



REPORT ON ACCOUNTS, ETC. 

 The committee to whom was referred the subject of the deposit of the income, 

 and any changes which may be advisable in the system of accounts, respectfully 

 report that they have carefully considered the matters referred to them, and 

 recommend as follows : 



1. That the income being collected according to law, under the authority of 

 the Chancellor and Secretary, be deposited in a national bank, which is also an 

 authorized government depository, subject to draft, as hereinafter provided. 



2. That no money be drawn from the depository except for the payment of 

 accounts which have been examined and approved by the Secretary of the In- 

 stitution, and which are in accordance with appropriations made by the Regents. 



3. That all payments for bills exceeding twenty dollars, be made by separate 

 checks, drawn by the Secretary on the depository, and that for bills of less 

 amount, a check may be drawn for a number, as exhibited in a single statement. 



4. That there be rendered quarterly to the Executive Committee, by the Secre- 

 tary, an account current, accompanied by abstracts of disbursements, supported 

 by receipted vouchers, for the expenditure of all money drawn from the deposi- 

 tory. These vouchers to be made, as far as practicable, in accordance with the 

 forms hereto annexed, each voucher being complete in itself, and to contain the 

 facts and information thereon indicated. 



5. That a check-book, ledger, and such other books of record as may be ne- 

 cessary, be kept in the office of the Secretary, so as to exhibit at any time the 

 financial condition of the Institution. The check-book shall indicate not only 

 the sums deposited, and drawn, but also the sources whence they were derived, 

 and the appropriation under which they were paid. 



6. That there be obtained from the depository, quarterly, an account current 

 of receipts and expenditures, to be compared by the Executive Committee with 

 the accounts of the Secretary. e 



7. That the Executive Committee make a quarterly examination of the books 



and accounts of the Institution, and, as usual, an Annual Report of the Board of 



Regents. 



Respectfully submitted : 



RICHARD DELAFIELD, 



JAMES A. GARFIELD, 

 JOSEPH HENRY, 

 February 22, 1867. Committee 



